Project Pie Enters Partnership With Private Equity Firm

Project Pie, a fast-casual pizza chain based in Carlsbad, said it entered into a partnership with Lee Equity Partners to accelerate its growth. Terms of the transaction weren’t disclosed.

Project Pie is the most recent restaurant concept developed by fast-casual pizza pioneer James Markham who founded the business in 2012 following his involvement in two other similar pizza businesses, MOD Pizza in Seattle and Pie-ology in Fullerton.

Project Pie has three outlets currently — in Hillcrest, Chula Vista and Las Vegas — and plans a new store in the Eastlake section of Chula Vista in March.

Lee Equity Partners is a New York based private equity firm. Thomas Lee has been responsible for investing more than $10 billion in capital in some 100 transactions in the last 40 years, including Snapple, General Nutrition, Dunkin’ Brands, and Playtex Products, according to the Project Pie announcement.

“James is a pioneer and visionary in this industry and we believe that this is a brand and concept which can succeed across the country and internationally,” Lee said.